Barrow Cadbury Trust, an independent charitable foundation, committed to bringing about change that is socially just, invests £250,000 in Charity Bank, in a show of support for the ethical bank’s mission to use money for good.
Charity Bank, which accepts savings from individuals and organisations, and lends solely to social sector organisations, has made loan approvals of over £250 million since 2002. The investment from Barrow Cadbury Trust will allow it to make more loans to charities and social enterprises in the coming year.
Last year (March 2015), Mercers’ Charitable Foundation invested £1 million in Charity Bank and in March 2014 Big Society Capital agreed to make its largest ever single investment – up to £14.5 million of ordinary shares in Charity Bank in three successive tranches between 2014 and 2016.
Helen Cadbury, Chair of Barrow Cadbury Trust, says: “This investment will give Charity Bank the capital to make loans to the social sector, but it is also an expression of our confidence in the Bank and its ethos. We see this investment as a means to promote social justice and further develop the social investment market.”
“We believe it is important that foundations continue to play an active part in social investments as they are the ones which can provide genuine risk capital for social ventures engaged in new solutions – particularly those organisations at an early stage which might otherwise find it difficult to raise funds.”
“This investment will give Charity Bank the capital to make loans to the social sector, but it is also an expression of our confidence in the Bank and its ethos."Helen Cadbury, Chair of Barrow Cadbury Trust
George Blunden, Chairman of Charity Bank, says: “To receive endorsement from such a major trust as Barrow Cadbury is a very positive start to the New Year.
“Every single one of our shareholders is either a charity or a social purpose organisation. What drives us isn’t profits, but a shared idea about the world we want to live in and it’s this shared vision that sits at the heart of our plans for sustainability and growth.”
He added: “Capital is vital to our mission. Without capital to underpin the bank, we wouldn’t be able to leverage our savers’ money. Because of this leverage, every £1 of capital invested allows us to lend £12 or more to charities and other organisations that help improve and enrich the society we live in.”
For further information please contact:
Mark Howland 01732 441973 or 07786984321 MarkHowland@charitybank.org
About Charity Bank
Charity Bank is an ethical bank with a mission to use money for good. It uses the money its savers entrust to it to make loans solely to charities and social enterprises.
Since 2002, Charity Bank has issued loan approvals of over £250 million to charities and social enterprises.
Charity Bank’s community of borrowers, savers, investors and staff are all working towards one goal – helping strengthen charities and social enterprises, so that they can create lasting social change in communities across the UK.
A list of our other shareholders can be found here: https://charitybank.org/ethical-bank#people
Registered Office: The Charity Bank Limited, Fosse House, 182 High Street, Tonbridge, Kent TN9 1BE. Authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority No. 207701. Member of the Financial Services Compensation Scheme (FSCS). Company registered in England and Wales No. 4330018. For more information, visit www.charitybank.org.
About Barrow Cadbury Trust
The Barrow Cadbury Trust is an independent charitable foundation, committed to bringing about socially just change. It provides grants to grassroots community groups and campaigns working in deprived communities in the UK, with a focus on Birmingham and the Black Country.It also works with researchers, think tanks and government, often in partnership with other grant-makers, to overcome the structural barriers to a more just and equal society. The Trust was founded in 1920 by Barrow Cadbury and his wife Geraldine Southall Cadbury.